Asked by Lostinla, Los Angeles, CA • Wed Dec 7, 2011
we are looking at buying a condo - it will be a short sale and, unfortunately, we are not able to get better than the bank's asking price or get the seller/bank to pay for repairs or remodeling. The bank will foreclose the property in a few weeks so we don't want to miss out on this, which is a reasonably good deal.
Our interest rate is going to be 4.625% on a 20% down and 4.375% on a 25% down - $108 dollars less a month. We have the money for the 25% but would not be able to make as many upgrades to the property immediately. We are debating whether it is worth taking the higher interest rate and having more money to spend or to just pay the 25% down, as at least the money goes towards equity.
Any advice on this would be appreciated. Also, would anyone recommend walking away from this deal, knowing that we want it, and hoping that the bank would be more flexible if they walk and are threatened by foreclosure?
Thanks for the advice!
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